Property Overview: 387 Cabana Place, Winnipeg

Section 1: Key Characteristics & Appeal

This one-storey home in Central St. Boniface is defined by its substantial, above-average lot. With over 6,200 square feet of land, the property offers significantly more outdoor space than most homes in the neighbourhood and city, placing it in the top tier for lot size locally. The home itself, built in 1953, is of a vintage common to the area and offers a modest, functional living space of just over 1,000 square feet. A key updated feature is the renovated basement, adding usable space, and the property includes a detached garage.

The primary appeal lies in the land itself. This is a property with untapped potential, suited for a buyer who values space and possibility over a move-in-ready, large interior. It would perfectly suit a hands-on buyer looking for a long-term home with room to garden, expand, or eventually rebuild, all within a well-established community. The consistent sale price history also suggests a stable, understood value in the market. It’s less suited for those seeking a modern, spacious interior without renovation plans.

Section 2: Frequently Asked Questions

1. Is the price reflective of the land or the house?
The data suggests the value is heavily weighted toward the land. The lot size ranks in the top echelons for the street and neighbourhood, while the living area is average or below average by comparison. This indicates you are primarily purchasing a sizable property in a central location.

2. What does a "renovated basement" typically mean in a home of this era?
In a 1953 home, a renovated basement often means updated finishes and likely conversion to livable space (e.g., a rec room or bedroom). It’s important to clarify the scope of the renovation, the quality of the finish, and to check for updated moisture protection and insulation, which are critical in older foundations.

3. The assessed value seems low. Why?
Property assessments in Manitoba are based on a mass appraisal system for taxation purposes and may not reflect current market value, especially for unique properties. The consistent recent sale prices around $44,500 are a more direct indicator of its market value.

4. How does the detached garage impact the property's utility?
A detached garage offers valuable storage or workshop space separate from the house. However, for a Winnipeg winter, consider the convenience (or inconvenience) of accessing your vehicle detached from the home, and factor in the walkway maintenance.

5. The home sold recently in 2021 and 2022. Should I be concerned?
Not necessarily. The identical sale price in consecutive years is unusual and warrants asking the seller or agent for context. It could indicate a quick flip, an intra-family transfer, or a previously failed sale. It doesn’t inherently signal a problem with the property but is a point for transparent discussion.